Americans know they need good financial advice, but nearly half of those surveyed by TIAA-CREF last year said they didn’t know whose advice to trust.
And with good reason, because financial advisers give a lot of lousy recommendations.
Mired in conventional wisdom and focused on the needs of their wealthier clients, even the most independent advisers chart paths that are simply impractical for the vast majority of Americans.
If you don’t have a lot to invest, they’re at best useless and at worst actually destructive to setting realistic goals of saving and investing over a lifetime.
Here are my choices for the four most useless pieces of financial advice from a not-very-useful industry.